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North Carolina enacts tax deduction for 529 contributions

(July 12, 2006) - North Carolina has enacted a tax deduction for contributions to the state's 529 savings plan as part of the budget bill signed by the governor. The maximum annual deduction is $750 ($1,500 for joint filers) and is allowed only for taxpayers below certain income levels: $100K joint, $80K Head of Household, $60K single, and $50K married filed separately.

The tax deduction is effective for the 2006 tax year and expires after the 2010 tax year.

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